Kraft Heinz key statistics and ratios

In fiscal 2025, Kraft Heinz had return on equity of -12.9%, an operating margin of -18.7%, debt equal to 50.9% of equity and a current ratio of 1.15. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Kraft Heinz: financial ratios, annual
Fiscal year	2014Dec 2014	2015Jan 2016	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	30.0%	31.4%	34.8%	34.6%	34.0%	32.6%	35.0%	33.3%	30.7%	33.5%	34.7%	33.3%	33.4%
Operating margin	14.4%	14.4%	21.3%	23.2%	−38.8%	12.3%	8.1%	13.3%	13.7%	17.2%	6.5%	−18.7%	−12.8%
Net margin	6.0%	3.5%	13.7%	42.0%	−38.8%	7.7%	1.4%	3.9%	8.9%	10.7%	10.6%	−23.4%	−13.6%
Free-cash-flow margin	15.9%	3.4%	5.3%	−2.7%	6.7%	11.1%	16.5%	17.1%	5.9%	11.1%	12.2%	14.7%	15.3%
Return on equity	9.2%	2.0%	6.3%	17.8%	−17.3%	3.7%	0.7%	2.0%	4.8%	5.8%	5.6%	−12.9%	−8.7%
Return on assets	1.8%	0.8%	3.0%	9.1%	−9.1%	1.9%	0.4%	1.0%	2.6%	3.2%	3.1%	−6.9%	−4.4%
Asset turnover	0.30	0.23	0.22	0.22	0.23	0.24	0.26	0.27	0.29	0.29	0.29	0.29	0.32
Current ratio	1.59	1.41	0.92	0.71	1.21	1.03	1.34	0.99	0.87	0.99	1.06	1.15	1.06
Debt to equity	191.9%	43.7%	56.5%	47.8%	60.3%	56.6%	56.5%	44.3%	41.2%	40.4%	40.4%	50.9%	52.8%
Interest cover (operating income ÷ interest)	2.3x	2.0x	4.9x	4.9x	n/m	2.3x	1.5x	1.7x	3.9x	5.0x	1.8x	n/m	n/m
Effective tax rate	16.3%	36.1%	27.0%	—	—	27.4%	65.0%	40.0%	20.2%	21.7%	—	—	—
R&D as % of revenue	0.5%	0.6%	0.5%	0.4%	0.4%	0.4%	0.5%	0.5%	0.5%	0.6%	0.6%	0.7%	—
SG&A as % of revenue	15.6%	17.0%	13.5%	11.4%	72.8%	20.3%	26.9%	20.1%	16.9%	16.3%	28.2%	52.0%	46.1%
Capital spending as % of revenue	3.7%	3.5%	4.7%	4.6%	3.1%	3.1%	2.3%	3.5%	3.5%	3.8%	4.0%	3.2%	3.2%
Free cash flow ÷ net income	265.0%	98.4%	39.0%	−6.3%	—	143.9%	>999%	440.6%	65.7%	103.8%	115.2%	—	—
Dividends ÷ net income	0.0%	205.4%	99.7%	26.4%	—	100.9%	550.0%	193.6%	82.9%	68.8%	70.4%	—	—
Dividends and buybacks ÷ free cash flow	0.0%	208.7%	255.8%	—	182.1%	70.2%	45.2%	50.0%	144.2%	81.7%	92.4%	63.8%	50.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Kraft Heinz: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	34.2%	34.1%	34.4%	34.4%	31.9%	32.6%	36.7%	32.4%
Operating margin	−1.6%	−0.6%	19.9%	−125.5%	16.4%	17.1%	18.9%	−102.7%
Net margin	−4.5%	32.4%	11.9%	−123.2%	9.9%	10.2%	13.2%	−87.2%
Free-cash-flow margin	13.3%	17.4%	8.0%	16.1%	15.8%	18.4%	12.7%	14.3%
Current ratio	1.06	1.06	1.31	1.07	1.13	1.15	1.20	1.06
Debt to equity	40.1%	39.1%	42.3%	46.7%	46.5%	46.3%	45.9%	48.9%
SG&A as % of revenue	35.8%	34.7%	14.5%	159.9%	15.5%	15.5%	17.8%	135.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 27, 2026

What it owns · $73.1bn

Short-term assets $9.3bnLonger-term assets $63.8bn

What it owes, and who funded it · $72.9bn

Short-term liabilities $8.7bnLonger-term liabilities $28.2bnShareholders' equity $36.0bn

Short-term assets cover short-term liabilities $9.3bn of assets due within a year against $8.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $9.3bn short-term assets against $28.2bn of longer-dated liabilities.
More cash than debt $2.4bn of cash against $17.6bn of debt.
Debt below 40% of shareholders' equity Debt is 49% of equity.
Debt burden no higher than five years ago Debt to equity moved from 43% to 49% over five years.
A year's operating cash flow covers at least 20% of debt $4.6bn of operating cash flow against $17.6bn of debt.
Operating profit covers interest at least five times over Operating income of −$3.2bn against $683m of interest.

From Kraft Heinz's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

48 /100

Moderate moat

How hard Kraft Heinz's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 1.9% of total assets over 10 years.
Pricing power 12 / 20

Gross margin has been a median 33.8%, moving by 1.4 percentage points (standard deviation) across 10 years.
Durability 3 / 20

Operating margin has been a median 12.6%; its worst year was -45.9%.
Cash conversion 15 / 20

Free cash flow was positive in 9 of 10 years, at a median 12.1% of revenue.
Discipline 18 / 20

The diluted share count fell 3.7% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Kraft Heinz's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Kraft Heinz.